Can ETH be bottomed out?

Everyone can observe together that when the market as a whole is correcting, ETH is clearly weaker than BTC.

Although we have recently seen spot ETFs (or institutions) continuously buying, this perspective alone may not represent the true state of the entire market. This is also the value of on-chain data analysis, which may not directly predict bullish or bearish trends, but can tell us what the objective situation is like.

As of June 21, the price of ETH was $2,296. Although it has corrected nearly 20% from its high, I still do not believe this is the best bottoming position. From the profit supply percentage data, we can see that it is still at 55%, meaning that even at the current price, 55% of the circulating tokens are in profit. #ETH🔥🔥🔥🔥🔥🔥

From historical data, it can be seen that a more cost-effective bottoming opportunity occurs only when a majority of the circulating tokens are in loss. #加密市场回调

Of course, 55% is not considered high, so for those with a higher risk appetite, this can be used as a reference for a rebound gamble; while for those with a lower risk appetite, it is advisable to continue to "aim at the prey" and wait for a more certain opportunity before pulling the trigger!